Mobile templates are starting to be part of many people's web presence, though perhaps still not for everyone.
Mobile sites either:
a) strip down information so that only the essentials are available on a mobile phone or
b) allow users to simply see text for a website.
We'll be honest -- sometimes we like them in some instances more than others.
The important part, whether you go mobile or not, is to provide a design to your users that lets them access what might be most important to them in a mobile moment. For example, if you are a restaurant taking reservations, you should have your phone number easily available so someone can call you. If you provide a directory of listings that you want to make more accessible, make sure people can still search that, even on a mobile phone.